Vietnam aims to cut its energy bill by 20-30 percent in the next ten years, and invites businesses to invest in renewable energy projects, an official said Wednesday.

Green and renewable energy is expected to account for 9-10 percent of total energy use in the country and the target can only be achieved within a proper legal framework, Industry and Trade Minister Vu Huy Hoang said at the First German-Vietnamese Business Conference on Climate Change and Energy in Ho Chi Minh City.

The Ministry of Industry and Trade and concerned agencies will propose regulations to encourage more investment into new energy projects, especially from the private sector, he said.

Prices of green energy also need to be considered carefully, he said, noting that wind power prices are high, more than double the prices offered by hydro power and thermal power plants.

At the conference, Hoang also announced that Vietnam has been seeking assistance from other countries, including Germany, Finland, Denmark and Japan, in promoting the use of new energy to mitigate the negative impacts of climate change.